US Anti-Cuba Blockade Policy Punishes German Bank


The United States Treasury Department Office for Foreign Assets Control (OFAC) imposed on the New York branch of Germany's Commerzbank a fine of $175,000 for accepting transactions that violate the 50-year blockade on the Republic of Cuba
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The US government claims the second largest bank in Germany was the consultant in a September 2005 transaction between a Cuban company and a Canadian partner, on which Commerzbank never informed the OFAC.
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This report of the Treasury terms the operation a notorious case of violation of US Laws and "Commerzbank should be aware of the prohibitions concerning the Cuba Case (.....) to prevent such violations in the future." 
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Last November 186 among 191 countries voted for the 20th consecutive occasion at the UN General Assembly against the anti-Cuba coercive policy by every US Administration from the triumph of the Revolution.
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The government of Cuba has been exposing in world forums documented evidence of the over $975 billion loss it has endured through nearly six decades of commercial harassment.
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This very year and before the case of the German bank, JP Morgan Chase paid a $88.3M fine for alleged transgression of White House regulations to deal with Cuba, with the Treasury claiming that JP Morgan participated in 1,711 transfers for $176 million involving either private people or Cuban institutions.
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Earlier, the US branch of CMA-CNG, the third largest container shipping company, was fined $374,400 for transporting cargo to Havana.
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In December 2008, Credit Swisse Bank paid a $536M sanction because of its financial agreements with Cuba.
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In January this year, US President Barack Obama introduced slight changes to the regulations on the US blockade but the most stringent terms remain in force.
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He did approve of trips to Cuba for academic, religious, cultural or sports events, within a framework Washington defines as "promotion of people-to-people contacts." 
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